1. Field of the Invention
The present invention relates to information processing. More particularly, the invention relates to systems and methods for determining ticket availability and/or price.
2. Background of the Related Art
Entry to fee-based events often requires a ticket. A person interested in attending a particular event may purchase the ticket in advance through some authorized vendor. Having purchased a ticket(s) the customer is guaranteed entry to the event. The ticket is then redeemed at the event and the customer is permitted to participate in the event.
One problem with conventional methods of purchasing tickets for various events is that some customers are unwilling to pay the relatively high prices demanded by event sponsors. Accordingly, sponsors have given consumers more flexibility when purchasing tickets in order to create a higher demand (and thus higher revenue from sales). For example, some tickets may be refundable and carry a premium for the option to refund the ticket. Thus, a purchaser may choose, for example, between a refundable full fare airline ticket and a non-refundable reduced fare ticket. A more price conscious consumer may opt for the reduced fare ticket and risk not being able to use it for the specified event and on the specified date.
While providing ticket options flexibility benefits both the purchaser and seller, the seller remains unable to ensure an optimized result in terms of revenue generation. That is, the seller is forced to determine a price for the tickets based on an estimate of the volume of sales at the outset (i.e., prior to releasing the tickets to the public). Once the tickets are made available to the public, the seller is then left at the mercy of the market.